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Do It Yourself - Improve your home

The last ten years have been the boon years for a huge increase in DIY outlets, aided by the house price stagnation during early and mid-1990s. People thought of staying and improving the house instead of selling it. Even with house prices on the up again, there appears to be no let-up in the desire for DIY or improvement work. Home improvements are mainly driven by the desire to create a more comfortable house. A house which you can call as 'My Home' and feel it to be the best place on earth. However, the knowledge that the value of the property may also increase, gives an added incentive to continually improve. Clearly DIY plays an important part in improving the home and the enthusiast can easily undertake smaller jobs such as painting and decorating, shelving and cupboards, and laying patios. Moreover the satisfaction level in DIY is far better than from other sources. However, the bigger jobs fall usually in the domain of specialist firms. These include:

These larger jobs obviously lead to greater costs. So how are these improvements, both large and small, paid for? The Home Improvements are an easy solution for all your home improvement needs.

Funding small improvements
The costs of smaller DIY projects are often paid from personal savings or by revolving credit options, such as credit or store cards. Paying from savings is the best and the cheapest option. The interest rates to savers are quite low and the interest rates are expected to fall more. Some instant saver accounts now offer little more than 1-2% interest per annum. No borrowing obviously means null repayments, which is the ideal and most loved situation. Credit or store cards can be very expensive options if the borrowing runs on and on and leads to financial burden. The store card interest rates do not follow the falls in the Bank of England base rates and can sore as high as 30% or more than ten times the rate of inflation. Some credit cards offer the initial "teaser" rates of around 6% which last for only six months or so and then the borrowers end up paying 15-18%. If you cannot decide the term of the loan then a personal loan is the most disciplined and cheaper option.

Funding large improvements
Larger projects require more funding and cannot be easily met though personal sources or credit cards. So what are the other options available for raising cash to improve your home?

Take the Mortgage Advantage

Many major improvements are funded in this manner. The two main considerations of taking a further advance are:
1) One of the important considerations is your current equity. The chances of a mortgage are remote if the equity is 90% or higher than the value of your property. The lender will always look for equity before agreeing to any new lending.

2) How long your mortgage has left to run. If you had say 15 years to go on your mortgage, then adding a further advance would not necessarily add too much to the monthly repayments. However, you must remember that you are paying interest on the borrowing for 15 years.

The costs of a loan
Lets take the following example to assess the costs of a loan